Board declares $0.37 regular quarterly cash dividend on common
stock,
resulting in a current annual yield of
approximately 3.4 percent
GRAND
RAPIDS, Mich., Jan. 21,
2025 /PRNewswire/ -- Mercantile Bank Corporation
(NASDAQ: MBWM) ("Mercantile") announced today that on January 16, 2025, its Board of Directors declared
a regular quarterly cash dividend of $0.37 per common share, payable on March 19, 2025, to holders of record as of
March 7, 2025. The $0.37 cash dividend is 2.8 percent and 5.7
percent higher than the cash dividends paid during the fourth
quarter and first quarter of 2024, respectively.
"The Board of Directors' declaration of an increased first
quarter regular cash dividend demonstrates our steadfast commitment
to building shareholder value through worthwhile cash returns,"
said Ray Reitsma, President and
Chief Executive Officer of Mercantile. "Our balance sheet
composition and earnings performance have remained robust during
the prolonged period of uncertain economic and operating
conditions, which combined with the realization of solid financial
results in future periods as expected, should allow us to continue
our regular cash dividend program while maintaining sufficient
capital support for anticipated asset growth."
About Mercantile Bank Corporation
Based in Grand Rapids,
Michigan, Mercantile Bank Corporation is the bank holding
company for Mercantile Bank. Mercantile provides financial products
and services in a professional and personalized manner designed to
make banking easier for businesses, individuals, and governmental
units. Distinguished by exceptional service, knowledgeable staff,
and a commitment to the communities it serves, Mercantile is one of
the largest Michigan-based banks
with assets of approximately $6.0
billion. Mercantile Bank Corporation's common stock is
listed on the NASDAQ Global Select Market under the symbol
"MBWM." For more information about Mercantile, visit
www.mercbank.com, and follow us on Facebook, Instagram, X (formerly
Twitter) @MercBank, and LinkedIn @merc-bank.
Forward-Looking Statements
This news release contains statements or information that may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as:
"anticipate," "intend," "plan," "goal," "seek," "believe,"
"project," "estimate," "expect," "strategy," "future," "likely,"
"may," "should," "will," and similar references to future
periods. Any such statements are based on current
expectations that involve a number of risks and
uncertainties. Actual results may differ materially from the
results expressed in forward-looking statements. Factors that
might cause such a difference include changes in interest rates and
interest rate relationships; increasing rates of inflation and
slower growth rates or recession; significant declines in the value
of commercial real estate; market volatility; demand for products
and services; climate impacts; labor markets; the degree of
competition by traditional and nontraditional financial services
companies; changes in banking regulation or actions by bank
regulators; changes in tax laws and other laws and regulations
applicable to us; changes in prices, levies, and assessments; the
impact of technological advances; potential cyber-attacks,
information security breaches and other criminal activities;
litigation liabilities; governmental and regulatory policy changes;
the outcomes of existing or future contingencies; trends in
customer behavior as well as their ability to repay loans; changes
in local real estate values; damage to our reputation resulting
from adverse publicity, regulatory actions, litigation, operational
failures, and the failure to meet client expectations and other
facts; the transition from LIBOR to SOFR; changes in the national
and local economies; unstable political and economic environments;
disease outbreaks, such as the COVID-19 pandemic or similar public
health threats, and measures implemented to combat them; and other
factors, including those expressed as risk factors, disclosed from
time to time in filings made by Mercantile with the Securities and
Exchange Commission. Mercantile undertakes no obligation to
update or clarify forward-looking statements, whether as a result
of new information, future events or otherwise. Investors are
cautioned not to place undue reliance on any forward-looking
statements contained herein.
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SOURCE Mercantile Bank Corporation
